You are viewing a single comment's thread from:
RE: BitShares - Rough Guide to the DAC - Part 2: Witnesses and DPoS (Not Mining)
- What about openledger looks easy to hack exactly? Even if it's true - noone hacked it so far. Moreover, opelendger is just a GUI to the blockchain, you yourself maintain the private keys, so there's not much to achieve by hacking.
- open. stuff is openledger's IOUs for assets like bitcoin, ethereum etc. Like on any other exchange you do not actually trade bitcoin (it's too slow for that, you don't want to wait for two hours for your order to be confirmed), but the token representing it, issued by an exchange with a promise that it's backed by the real thing. It's different from bitBTC (or other bit... stuff) in that the bitBTC is fully (200%?) backed by BTS and does not require any trust (only the trust in the platform code itself)
Thanks @ravid, nice explanation. I only have a password for Openledger, private keys seem to be hidden in the browser somehow so someone just needs to guess my password...